Ethereum Hits Three-Month Peak: How Whale Sales Affect Prices

user avatar

by Giorgi Kostiuk

2 years ago

The crypto market is experiencing a significant surge, with Bitcoin's new all-time high driving altcoin gains, including Ethereum.

Crypto Market Overview

The crypto market has seen a significant surge in the last two days, with Bitcoin reaching a new all-time high of $75K. This rise has also driven some altcoins to new peaks.

Ethereum's Three-Month High

Ethereum has reached a three-month high, prompting many long-term and dormant whales to take profits. Following a 13.75% surge in Ethereum’s price, three ETH holders began selling. Specifically, two holders sold 33,701 ETH valued at $89.72 million.

Whale Activity and Market Impact

The first of these whales sent 25,000 ETH to Kraken, retaining 64,450 ETH. Another whale, dormant for over eight years, sold 8,701 ETH, leaving behind 2,304 ETH valued at $6.48 million. This increased whale activity raises fears of potential sell-offs that could push ETH prices towards correction.

If the current momentum is maintained, Ethereum could register further gains, potentially reaching the $3000 resistance level. However, recent whale sales could trigger a market correction, with prices possibly declining to $2670.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Other news

Traders Predict Early Release of OpenAI's GPT-6 Model

chest

Prediction market traders are optimistic about the early release of OpenAI's GPT-6 model, estimating a 59% chance of launch by September 15.

user avatarTando Nkube

Visa Seeks New Crypto Stablecoin Partner for Global Settlements

chest

Visa is seeking a new crypto stablecoin partner to enhance its global settlement capabilities after the acquisition of its previous partner, BVNK, by Mastercard.

user avatarKofi Adjeman

AMD's Gaming Division Struggles Amid AI Market Concerns

chest

AMD's gaming division faces challenges with a 31% revenue dip, raising concerns about its ability to protect stock value amid potential AI market fluctuations.

user avatarSatoshi Nakamura

Michael Burry Warns of Potential AI Bubble Burst

chest

Michael Burry warns of a potential AI bubble burst that could lead to significant losses in tech stocks, particularly for companies like AMD.

user avatarNguyen Van Long

Nike Stock Hits 12-Year Low Amid Rebound Speculation

chest

Nike's stock closed at a 12-year low of $39.09, raising concerns about its future performance and potential for a rebound.

user avatarJesper Sørensen

Payward Joins Project Glasswing to Boost Cybersecurity Efforts

chest

Payward, the parent company of Kraken, has joined Anthropics Project Glasswing to enhance cybersecurity by utilizing Claude Mythos 5 for identifying security vulnerabilities.

user avatarRajesh Kumar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.